US: Scheid Vineyards confirms Q1 results
Scheid Vineyards has delivered its first set of quarterly results since changing its fiscal year dates.
The California-based wine company, which operates primarily out of Monterey County, said yesterday (28 July) that total sales for the three months to the end of May totalled US$1.5m. No comparison figures were released, although gross profit for the quarter reached $33,000 compared to $3.5m in the three months to the end of June last year.
Scheid posted a net loss for the quarter of $1m, with operating loss coming in at $2.7m.
"Revenues ... consisted primarily of sales of bulk wine and fees for the processing and storage of wines for others," said CFO Mike Thomsen.
"The three months ended May 31, 2008 is the first quarterly reporting period since the company changed its fiscal year end from December 31 to February 28," Thomsen continued. "The change in fiscal year end was made in order to report financial results in a manner more consistent with the company's revenue cycle, as sales of bulk wine continue to replace wine grapes in the company's sales mix.
"The first new fiscal year reflecting this change will end February 28, 2009."
Scheid Vineyards has confirmed its results for its first half....
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